Article sourced from Propel Hospitality - www.propelhospitality.com

Fish and non-alcoholic drink prices spike again: Fish and non-alcoholic drinks prices have spiked once more, according to the latest CGA Prestige Foodservice Price Index. The change to Icelandic fishing quotas has had an adverse effect on the availability of cod and haddock, which has caused the price of fish to rise. In June 2016, the fish and seafood category of the index was at 95 points but supply and currency issues have sent it skywards, rising 72% to 164 points in August 2019. The shortening of the Icelandic quotas and the possibility of a no-deal Brexit at the end of October mean inflation in the category is likely to remain high for some time. Elsewhere, the mineral water, soft drinks and juice category has also spiked. The index recorded an all-time year-on-year inflation rate high of 36% in August and prices have now jumped by 72% since December 2017. Factors contributing to the steep rise in non-alcoholic beverage costs include the government’s sugar tax, changes in consumers’ tastes and a turn towards more expensive eco-friendly packaging. Fiona Speakman, CGA client director of food, said: “With the terms of Brexit and its impact on the foodservice sector still unclear, we can expect more turbulence in prices during the rest of 2019.”